Good Chance S&P 500 Hits 1,600

Veteran strategist Laszlo Birinyi calls this the "Rodney Dangerfield rally," getting no respect. Why this could be a "25% year."

Let's call it the Rodney Dangerfield market. Like the comedian, it gets no respect. The DJIA hit a new all time high, was up 10 days in a row for the first time since 1996, had its best first quarter in fifteen years and the S&P came within a smidge of a new record. But, like Rodney said, "no respect."

In the last month or so the Financial Times has had two full-page stories with a decidedly negative tone. One, "The Ghosts of '94," drew a parallel between then and now. We noted last month that yes,...